Linked by Thom Holwerda on Wed 1st Jul 2009 21:28 UTC, submitted by Kishe
The story around The Pirate Bay acquisition seems to be developing fast. The torrent search engine was bought by Global Gaming Factory yesterday, and they promised to build a legal P2P distribution network where content providers and copyright holders get compensated. In an exclusive interview with the BBC, GGF's Hans Pandeya detailed the business plan they have in mind for TPB.
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Member since:
2005-07-06
According to an article yesterday in the Swedish business newspaper, not only have they not been sold yet, but GGF doesn't actually have the money they promised to pay. According to their last quarterly report the company made a loss of almost 120K USD on sales of 130K USD and have less than 200K USD in liquid assets. They're still working on how to finance the deal.
However the company stock more than doubled in value on the announcement, from roughly $0.015 to $0.033, and the Swedish SEC has stopped trading on the stock and are currently investigating to make sure this wasn't some sort of stock scam.